Petrobras cancels three Ultrapetrol charters

Ultrapetrol is now “exploring alternative courses of action” for the three vessels, and is hoping to redeploy them in other markets, the company said in a statement.

The cancellations of the charters for the three Panama-flagged vessels was likely undertaken as part of Brazil’s local content regulations, with six Brazil-or-Brazil-Special-Registry-flagged Ultrapetrol vessels still in charter.

One non-Brazil flagged vessel, UP Coral, also remains under employment with Petrobras, while two laid-up North Sea vessels, UP Agate and UP Jasper, are participating in tenders to enter service with Petrobras as an RSV subsea support vessel and a PSV with Brazil-Special-Registry rights.